India's Cipla is beefing up its investments in biotech, with plans to invest more in Asia's burgeoning biotech companies while spearheading the development of new biosimilars for cancer and preparing to take the wraps off a new R&D center.
Cipla has been quick to grab significant stakes in a variety of biotech companies, including its investment in Stempeutics Research, which is pursuing new stem cell therapies. At its annual meeting, Cipla Chairman Y. K. Hamied bullishly reviewed the company's hopes for a new generation of biosimilars as it laid out plans to invest roughly $200 million in its expansion.
"We believe this activity (biosimilars) is also humanitarian and like our crusade on the HIV/AIDS front, we will attempt to make a similar contribution in the sophisticated cancer market, reaching one and all cancer patients with valuable drugs at affordable prices," Hamied told investors, according to a report in the Business Standard.
Hamied also revealed that Cipla is buying Meditab for $28 million, which has drug manufacturing facilities in China and Uganda and is also involved in stem cell R&D activities.